Reno Sparks Homes and Real Estate Market Report July 2012

By
Real Estate Agent with RE/MAX Authority

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Homeowners who are thinking of selling their Reno/Sparks home, now is a good time with the shortage of inventory and rising prices!

Reno Sparks Homes Median Sales Price

  • July 2012 median price was down 3% to $165,000 compared to $170,000 in June 2012 and up 10% from July 2011
  • Median price is defined as the mid-point, where for the time period identified, the price for one-half of the sales are higher and one-half are lower.

Reno Sparks Homes Sold

  • July ended the month with 501 sold transactions, down 2.5% from the prior month and down 2.7% from the same period last year.
  • July 2012 sales are the fifth highest July in history.

Reno Sparks Homes New Listings

  • 640 new listings were taken in July compared to 652 in June, a 1.8% decrease and a 8.4% decrease from July 2011.
  • Properties listed at under $250,000 made up the 69% of new listings entering the market during the month of July.
  • 49% of new July listings were distressed - short sales 38% (240); REO 9% (58); No special conditions 53% (336) and Other less than 1% (6).
  • In price ranges under $200,000, 70% of the listings are identified as distressed listings.

Reno Sparks Homes Current Months Supply of Inventory (Unsold Inventory divided by Sales per Month)

  • As of July 31, there was 4.8 months of unsold inventory based on the July sales rate.

Homes and Absorption by Price

  • Properties in the price ranges between $200,000 - $250,000 and those in the $400,000 - $500,000 price range are in a balanced market.
  • All other properties in the price ranges under $400,000 have less than 5 month's supply of inventory and would be considered seller's market properties.
  • Properties over the $500,000 price range have in excess of 10.5 month's supply of inventory.
  • 75% of the total sales for the month of July were in the under $250,000 price range.

Homes and Absorption by Area Group

  • Suburban Southwest had the highest level of active inventory with 188 Active listings.
  • The North Valleys, Northwest, Spanish Springs and Sparks show the highest level in activity in pending sales for the month.
  • The North Valleys, Northwest and Spanish Springs show the highest volume of closed sales for the month.
  • New Southeast and Old Southeast are in what is defined as a balanced market.
  • Metro Southwest, North Valleys, Northwest, Spanish Springs and Sparks is defined as a seller's market with less than 5 month's supply of inventory. The balance of the areas are considered a buyer's market with more than seven month's supply of inventory.

Conclusion

  • New listings are down 8.4% from July 2011. The market mix of new listings July 2011 compared to July 2012 has shifted. For July 2012, short sales represents 39% of the market compared to 32% in July 2011. Bank owned listings represents 10% of the market compared to 25% in July 2011.
  • Sales are down 2.7% from July 2011. The market mix of sales has been shifting as well. July 2012 Short Sales represents 39% of the market compared to 32% in July 2011. Bank owned sales represent 15% of the sales compared to 31% in July 2011.
  • While sales for July remain at near record levels, the past four months, we have seen a decline in the number of sales month-over-month. Demand and buyer confidence is strong, but inventory levels remain low. This is a contributing factor in the declining sales.
  • After five months of increasing median price, the July 2012 median price dropped 2.9% from June, but still remains up 10% from July 2011. It is anticipated that with low inventory and buyer demand there will be upward pressure on median sales price.
  • Current Month's Supply of Inventory in the Reno market remained at 4.8 MSI for a second month keeping Reno/Sparks in a seller's market for the fifth consecutive month.

To read the full Reno Sparks Market Report July 2012, complete with graphs, charts and 5 year history.

To read June 2012 Reno/Sparks Homes and Real Estate Market Report June 2012, and previous months and years.

Report courtesy of the Reno/Sparks Association of REALTORS® with data input from NNRMLS.

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I am Sandra Mathewson, a full-time Realtor working both as a listing agent and a buyer's agent. I love using the internet to meet people and keep in touch with friends and clients. I write this blog to show you why Reno, Sparks and Fernley real estate is truly something to be desired.

Whether you are considering buying or selling, you can visit me at my Reno, Sparks, Fernley homes for sale website. You will find my website as your best online source of information. How is the market doing? I'll keep you posted with the most current MLS reports. You can also search for homes for sale in Reno NV (including Sparks, Fernley and surrounding areas). Read about the communities, events and things to do around Reno NV in this great Northern Nevada Lifestyle.

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